Funding · Mobility & Logistics

Euler Motors raises ₹43 crore in debt round led by BlackSoil Capital

By Startup Enthusiast · 20 February 2026

What they do

Euler Motors is a commercial electric three-wheeler manufacturer based in Delhi, targeting e-commerce, hyperlocal delivery, and logistics fleets

The company raised ₹43 crore in a debt round, with BlackSoil Capital leading the investment and Trifecta Venture participating

The funds will be used for working capital, capital expenditure, refinancing, and other general corporate purposes

Euler Motors, a commercial electric three-wheeler manufacturer, is raising ₹43 crore in a debt round.
The round is being led by BlackSoil Capital, with Trifecta Venture participating.
The company plans to issue 10,500 non-convertible debentures (NCDs) at ₹1,00,000 each.
BlackSoil Capital will invest ₹30 crore, while Trifecta Venture will contribute ₹13 crore.
The total amount raised in this round is ₹43 crore, which is part of a larger planned raise of ₹220 crore.

Euler Motors follows an asset-heavy model, combining vehicle manufacturing with financing partnerships and after-sales service support.
The company targets e-commerce, hyperlocal delivery, and logistics fleets with cargo-focused EV solutions.
Euler Motors reported a 12% year-on-year increase in revenue to ₹192.26 crore in FY25.

Euler Motors specializes in manufacturing commercial electric three-wheelers for cargo-focused EV solutions.
The company targets e-commerce, hyperlocal delivery, and logistics fleets.
It follows an asset-heavy model, combining vehicle manufacturing with financing partnerships and after-sales service support.
Euler Motors is based in Delhi and was founded in 2018.
The company has raised over $200 million to date, with lead investors including Hero MotoCorp, GIC, and British International Investment.

Product: Manufactures and sells electric commercial vehicles, including cargo three-wheelers and four-wheelers.
Customers: Businesses and fleet operators buying commercial electric vehicles.
How it makes money: It makes money through direct sales of electric commercial vehicles.
What sets it apart: Specialises in the electric cargo segment and is expanding from three-wheelers into four-wheelers.
Operations: Has manufacturing capacity in Palwal, Haryana, and is scaling production across India.